They are licensed and recognized in the real estate appraisal industry, providing residential appraisal services and property tax consultation to their clients. They are committed to providing fast and friendly service by offering what matters most to their clients: Professional, accurate, reliable and timely service.

Lisa and Warren talk about Property Tax Assessments, where the data comes from, why the numbers lag, and why it’s important to look over your assessment.

[0:30] When you do an assessment, where do you get your data?

The assessment is based on the Legislation Assessment date of July 1 preceding taxation.

A Mass Appraisal is a statistical overview of market value.

The evaluation date is 1 year old.

The market modified cost approach is when a property is calculated using local cost figures.

[3:00] So my taxes change every year because of market conditions?

The numbers are calculated with the last 2-3 years of data to try to avoid large spikes and dips in value.

But it lags. This causes your assessment to be higher than market value.

[5:25] If someone thinks their assessment is too high or low, who do they contact?

The city of Edmonton, and Ledu. They have in-house assessors.

Alternatively, you can visit their websites and get a wealth of data about your property and neighbourhood.

[8:35] You should always check your assessment to make sure everything is correct.

You have 60 days to request your information and review it.

If you have an issue, you can file a complaint or talk directly with the assessor.

Heather Thoma is a Business Development Manager at FCT. Founded in 1991, the FCT group of companies is based in Oakville, Ontario.provides industry-leading title insurance, default solutions and other real estate-related products and services to approximately 450 lenders, over 44,000 legal professionals and 5,000 recovery professionals, as well as real estate agents, mortgage brokers and builders, nationwide.

Heather talks about the importance of title insurance, what it covers and how much it costs.

[0:40] Why is Title Insurance a great thing to have?

Title Insurance is designed to protect the homeowner from all the inherent liabilities when owning a home that you can’t predict with the normal review processes.

There is no other product like this. There is a big misconception that there are other insurances that can protect you from these problems.

[2:10] Heather shares some examples of when Title Insurance would be used in combination of other insurance plans.

[5:10] How do you pay for Title Insurance?

Title Insurance is offered at the time the purchase of the property happens.

Most lenders ask that you get the insurance to protect them as well.

Lifetime coverage of the bundled product is only $200 dollars.

[6:10] What does the homeowner policy cover?

With FTC we cover over 33 different areas of risks. Ranging from fraud and forgery (past and future coverage) to “The Duty To Defend”. The Duty To Defend is extra coverage that covers the legal costs of any claims.

Rebecca Frederick is a Licensed Insolvency Trustee that’s been working in insolvency for over fifteen years. Motivated by her desire to help clients overcome their financial difficulties within a supportive, education-based process, she started Frederick & Company Ltd.

Frederick & Company Ltd. helps people move from financial distress to financial success, by explaining people’s options in the clearest terms possible, and empowering them to make informed decisions about their financial futures.

Lisa and Rebecca dispel some of the myths surrounding bankruptcy.

Key Points and Questions

[0:55]What are some of the most common myths that scare people from coming to talk to you?[2:30] ‘Necessary’ assets are considered exempt during a bankruptcy, but there is a value limitation on these assets.[3:25] If someone has $30,000 in debt, and has a car worth $8000 (with the value limitation being $5000), this would mean $3000 is up for grabs by the creditor.[4:15] There is a note on your account after a bankruptcy that lasts for 6 years, or 14 years after a 2nd bankruptcy. This note does not mean you can’t get credit.[5:00] If you work hard on building your credit again after a bankruptcy, you can be back on track within 2 years.[6:08] You have to feel comfortable with who you are dealing with.[7:08] RRSP and RESP are protected to an unlimited amount.

]]>Why should I have a new home inspected?http://lisalast.com/why-should-i-have-a-new-home-inspected/
Mon, 10 Apr 2017 22:49:57 +0000http://lisalast.com/?p=756There are some very important reasons why new home buyers should always get a home inspection before purchasing. Buying a new home is an exciting experience, with great opportunities to pick your finishes, choose your colors, and to decide what floor coverings you want. But with all the excitement of choosing your decor and finding your new daily route to work, don’t forget to have your new home inspected. While it’s best to have your first home inspection when the home is in the early phases of construction, when more of the home is visible, it’s still a good idea once it is all finished.

New homes can have a wide variety of problems. Building a home is a complex and often complicated orchestration involving many different subcontractors and their employees, each working on a different system of the house. Each subcontractor has their own set of priorities and commitments. These are not always in line with the builder or the homeowner! While the vast majority of home builders want to build the best home possible, it is very difficult for any builder to carefully inspect each and every portion of each phase of the construction process. With all the different phases happening at once, even the best builders will likely miss something.

Municipal building inspections are not the same as home inspections. The responsibility of the municipal building inspector is to check for compliance to the local building codes for that area. Building codes are based on minimum industry standards. Even so, while most municipal building inspectors are doing their best to keep a close eye on things, they are often hindered by factors and circumstances beyond their control, and this alone will not be effective enough for quality control.

Problems found before you purchase the home can be fixed before moving in to your new home. This can save you from having to deal with dust and noise from repairs being made, or from the inconvenience of having to stay home from work while workers are in your home. While there will likely be some small touch ups and repairs required after you move in, you will want the builder to fix any significant repairs right away.

Defects can be repaired before they result in serious or substantial damages or costs to you. Safety items, such as gas leaks or electrical hazards need to be addressed to protect you and your family. Missing attic insulation that will result in higher utility bills can be installed. Raised shingles, can lead to water damages such as rotted roof sheathing, and should be repaired before you take possession of your new home.

These issues, and having the proper repairs made, matter for resale and they will matter for your peace of mind. When you decide to sell your formerly new home, the buyer will likely get a home inspection. Deficiencies that date back to the original construction will undoubtedly be discovered, even if you did not know that they existed. At this point, it is usually too late to get the builder involved, and these problems are now your own. Your potential buyer will, in all likelihood, either ask that you have these repairs made, or they will lower their offering price to cover the cost of the repairs.

A home inspection on your new home will also allow you to learn about the necessary upkeep and maintenance of your home. A proper home inspection will do more than just identify deficiencies and necessary repairs to be made. It will also highlight many important maintenance steps and requirements that will enable you to protect your investment and the ongoing enjoyment of your problem free home.

As you can see, having a home inspection on your new home can more than pay for itself, both monetarily and with the peace of mind and confidence that comes with knowing your new home is ready to for you to fully enjoy well into the future.

]]>What do I need to bring to my mortgage broker appointment?http://lisalast.com/what-do-i-need-to-bring-to-my-mortgage-broker-appointment/
Mon, 10 Apr 2017 22:44:33 +0000http://lisalast.com/?p=753We understand how exciting, and sometimes, overwhelming it can be once you decide you want to buy a home – especially if it’s your first time.

First and foremost, we recommend working with both a real estate agent and a mortgage broker that you can trust. Both do very different, yet very essential jobs, when it comes to finding and financing your dream home.

Before you start shopping, it is best to book an appointment with a qualified mortgage broker to determine your budget for purchasing a home. There is no point in looking at gorgeous houses that are nowhere near your price range.

“Why would I work with a mortgage broker when I can just go to my bank?” you might ask.

Working with a mortgage broker benefits you, as the homebuyer, in so many ways!

For instance, it’s free; the lender compensates us. We also have years of experience and tons of knowledge to offer you as we plan for your purchase as well as other long-term financial goals.

Also, unlike the bank, we have access to a variety of lenders, rates, and flexible options that make getting the mortgage you actually want a whole lot easier.

A good mortgage broker will work with you at your first appointment to cover the following:

Answer any burning questions you may have about the financing process or just home buying in general.

Determine your budget for purchasing your home – this is unique for everyone, as we all have different financial circumstances that will come into play when applying for a mortgage.

Get you a pre-approval so that you can go shopping with your agent with the peace of mind that you know exactly what your budget is.

Typically, most professional real estate agents will send you to get a mortgage pre-approval before they shop for homes with you anyway.

Either way, if you have mortgage on your mind – it’s time to book an appointment with a mortgage broker!

While this first meeting is kind of a meet and greet, you’ll want to get down to business right away. To do so, there are a few documents that you’ll want to have at the ready so that your mortgage broker can take a holistic look at your unique financial circumstances, offer personalized service, and truly connect you with the best-fitting mortgage from a variety of lenders.

Here is a comprehensive list of the documents and information that you should bring to your mortgage appointment:

Job Letter – This must be on a company letterhead, and should state your position, start date, guaranteed wage, and be signed by a direct manager or human resources. This letter must be dated within 30 days of your home purchase.

Current Paystubs – Please bring 2 consecutive paystubs that are dated within the last 30 days.

T4’s – If you have been at your job for less than 1 year or have worked part-time, please provide us with T4’s from the past 2 years.

90-day Bank Statements – Please bring a 90-day bank statement from the bank or investment account that is holding your down payment. This statement must show both your name and your account number.

Identification – Please bring a copy of your photo ID, either your Driver’s License, Passport, or another form of government issued photo ID.

Details of Liabilities – If you carry a credit card balance, have vehicle financing, or other consumer loans, please bring your statements from the last 3 months.

Void Cheque – Please bring a void cheque for the account that you want the mortgage payment to come out of. A stamped, pre-authorized direct debit form from your bank is also acceptable.

Realtor® Contact Information

Lawyer Contact Information

Are you self-employed?

In addition to the documents above, please bring the following:

Complete T-1 General – We require this for the past 2 years, and if you are a sole proprietor, please include a Statement of Business Activities as well.

Company Financials – If you are a professional corporation (PC), incorporated (INC), or limited (LTD), please provide us with company financials from the past 2 years.

Do you own an existing property, second home or rental property?

In addition to the documents above, please bring the following:

Current Mortgage or Home Equity Line of Credit Statement

Property Tax Assessment – Please bring your most recent copy.

Lease Agreement – You only need to provide this if you currently have a tenant.

We know exactly what it feels like to be scrambling at the last minute to find essential paperwork. Let our list take the stress out of the process, and get organized before you meet with your mortgage broker.

Have questions or concerns about the required documents? Don’t hesitate to contact us today!

]]>Title Insurancehttp://lisalast.com/title-insurance/
Mon, 10 Apr 2017 22:36:38 +0000http://lisalast.com/?p=750Insurance; there are so many kinds. All are suggestions from large institutions warning that you should buy insurance just in case the worst happens. Like any type of insurance, you can probably assume that Title Insurance is important, but do you really need it?

The bare bones: When you buy a home, your real estate lawyer ensures the title to a property was properly registered with the government’s land registration system. This checks that the property is free from unknown claims or liens.

Unfortunately, there are schemers out there who commit real estate fraud. Common fraud techniques include forgery and identity theft. In the first scenario, the fraudulent person registers forged documents to sell a property, registers a forged discharge of the existing mortgage, gets a new mortgage against the property’s clear title, then steals the money. Identity theft occurs when the fraudster uses stolen identification or documents to impersonate the homeowner and obtains a mortgage on a victim’s property.

Anyone can be a victim of real estate fraud. The easiest targets are new homeowners with no existing mortgage, however even a property owner with a current mortgage can be taken advantage of. Mortgage funds are mistakenly transferred to the fraudulent third party and are rarely recovered. If you become a victim of real estate fraud, huge amounts of time and effort is spent in trying to retrieve your lost funds. Another negative? The banks don’t halt your payments. It’s your job as the homeowner to prove that your title has been compromised.

The solution? Title Insurance.

Title insurance will cover the unforeseen legal costs of potential real estate fraud. It can be purchased when you buy your home or any time thereafter. It can also cover unanticipated risks like structures completed without permits, encroachment, liens, and zoning and by-law violations.

So, like any type of insurance, it would be awful to take the risk of purchasing a home without the peace of mind that Title Insurance provides. Feel free to ask me about the benefit of Title Insurance for your next home.

]]>Important Reasons Why New Home Buyers Should Always Get a Home Inspection Before Purchasinghttp://lisalast.com/important-reasons-why-new-home-buyers-should-always-get-a-home-inspection-before-purchasing/
Mon, 10 Apr 2017 22:33:06 +0000http://lisalast.com/?p=747There are some very important reasons why new home buyers should always get a home inspection before purchasing. Buying a new home is an exciting experience, with great opportunities to pick your finishes, choose your colors, and to decide what floor coverings you want. But with all the excitement of choosing your decor and finding your new daily route to work, don’t forget to have your new home inspected. While it’s best to have your first home inspection when the home is in the early phases of construction, when more of the home is visible, it’s still a good idea once it is all finished.

New homes can have a wide variety of problems. Building a home is a complex and often complicated orchestration involving many different subcontractors and their employees, each working on a different system of the house. Each subcontractor has their own set of priorities and commitments. These are not always in line with the builder or the homeowner! While the vast majority of home builders want to build the best home possible, it is very difficult for any builder to carefully inspect each and every portion of each phase of the construction process. With all the different phases happening at once, even the best builders will likely miss something.

Municipal building inspections are not the same as home inspections. The responsibility of the municipal building inspector is to check for compliance to the local building codes for that area. Building codes are based on minimum industry standards. Even so, while most municipal building inspectors are doing their best to keep a close eye on things, they are often hindered by factors and circumstances beyond their control, and this alone will not be effective enough for quality control.

Problems found before you purchase the home can be fixed before moving in to your new home. This can save you from having to deal with dust and noise from repairs being made, or from the inconvenience of having to stay home from work while workers are in your home. While there will likely be some small touch ups and repairs required after you move in, you will want the builder to fix any significant repairs right away.

Defects can be repaired before they result in serious or substantial damages or costs to you. Safety items, such as gas leaks or electrical hazards need to be addressed to protect you and your family. Missing attic insulation that will result in higher utility bills can be installed. Raised shingles, can lead to water damages such as rotted roof sheathing, and should be repaired before you take possession of your new home.

These issues, and having the proper repairs made, matter for resale and they will matter for your peace of mind. When you decide to sell your formerly new home, the buyer will likely get a home inspection. Deficiencies that date back to the original construction will undoubtedly be discovered, even if you did not know that they existed. At this point, it is usually too late to get the builder involved, and these problems are now your own. Your potential buyer will, in all likelihood, either ask that you have these repairs made, or they will lower their offering price to cover the cost of the repairs.

A home inspection on your new home will also allow you to learn about the necessary upkeep and maintenance of your home. A proper home inspection will do more than just identify deficiencies and necessary repairs to be made. It will also highlight many important maintenance steps and requirements that will enable you to protect your investment and the ongoing enjoyment of your problem free home.

As you can see, having a home inspection on your new home can more than pay for itself, both monetarily and with the peace of mind and confidence that comes with knowing your new home is ready to for you to fully enjoy well into the future.

]]>New Home Inspectionshttp://lisalast.com/new-home-inspections/
Mon, 10 Apr 2017 22:18:17 +0000http://lisalast.com/?p=744There are some very important reasons why new home buyers should always get a home inspection before purchasing. Buying a new home is an exciting experience, with great opportunities to pick your finishes, choose your colors, and to decide what floor coverings you want. But with all the excitement of choosing your decor and finding your new daily route to work, don’t forget to have your new home inspected. While it’s best to have your first home inspection when the home is in the early phases of construction, when more of the home is visible, it’s still a good idea once it is all finished. New homes can have a wide variety of problems. Building a home is a complex and often complicated orchestration involving many different subcontractors and their employees, each working on a different system of the house. Each subcontractor has their own set of priorities and commitments. These are not always in line with the builder or the homeowner! While the vast majority of home builders want to build the best home possible, it is very difficult for any builder to carefully inspect each and every portion of each phase of the construction process. With all the different phases happening at once, even the best builders will likely miss something.

Municipal building inspections are not the same as home inspections. The responsibility of the municipal building inspector is to check for compliance to the local building codes for that area. Building codes are based on minimum industry standards. Even so, while most municipal building inspectors are doing their best to keep a close eye on things, they are often hindered by factors and circumstances beyond their control, and this alone will not be effective enough for quality control.Problems found before you purchase the home can be fixed before moving in to your new home. This can save you from having to deal with dust and noise from repairs being made, or from the inconvenience of having to stay home from work while workers are in your home. While there will likely be some small touch ups and repairs required after you move in, you will want the builder to fix any significant repairs right away.

Defects can be repaired before they result in serious or substantial damages or costs to you. Safety items, such as gas leaks or electrical hazards need to be addressed to protect you and your family. Missing attic insulation that will result in higher utility bills can be installed. Raised shingles, can lead to water damages such as rotted roof sheathing, and should be repaired before you take possession of your new home.

These issues, and having the proper repairs made, matter for resale and they will matter for your peace of mind. When you decide to sell your formerly new home, the buyer will likely get a home inspection. Deficiencies that date back to the original construction will undoubtedly be discovered, even if you did not know that they existed. At this point, it is usually too late to get the builder involved, and these problems are now your own. Your potential buyer will, in all likelihood, either ask that you have these repairs made, or they will lower their offering price to cover the cost of the repairs.A home inspection on your new home will also allow you to learn about the necessary upkeep and maintenance of your home. A proper home inspection will do more than just identify deficiencies and necessary repairs to be made. It will also highlight many important maintenance steps and requirements that will enable you to protect your investment and the ongoing enjoyment of your problem free home.As you can see, having a home inspection on your new home can more than pay for itself, both monetarily and with the peace of mind and confidence that comes with knowing your new home is ready to for you to fully enjoy well into the future.

]]>How to get a Mortgage in 5 Easy Stepshttp://lisalast.com/how-to-get-a-mortgage-in-5-easy-steps/
Mon, 10 Apr 2017 22:12:55 +0000http://lisalast.com/?p=740Does getting a mortgage seem about as clear as mud to you? I’ll make take you through the 5 easy steps you need to get a mortgage, from finding the right mortgage for you to sealing the deal.

Connection

With access to over 50 lenders, I can give you an overview of mortgage options available to you based on your needs. Once we decide on the best one, we’ll complete the application together.

Collection

The next step is to gather all your information to go with the application:

credit report

agreement of purchase and sale of the house (or estimated mortgage amount if you are refinancing)

proof of income/employment

down payment amount

identification and solicitor information to the lender (be prepared to gather and send this documentation)

Submission

Once all your documents are together, I submit your application to the lender(s). Since I have connections with major banks, credit unions, trusts and other lenders, I can put significant negotiating power to work for you.

Approval

Approved? Excellent! Now is the time to carefully go over the details (e.g. payment details, mortgage terms and privileges, pre-funding conditions) and then sign away on the dotted line.

Closing

Once your signature has graced the paperwork, you have to submit it and schedule a time to meet with your lawyer.

At the appointment with your lawyer, he’ll ask for identification and signatures and together you’ll review your final closing costs. On closing day, your mortgage funds are transferred to your lawyer.

Thank you for choosing me as your mortgage broker!

Once your mortgage is closed, I continue to provide helpful information to guide you through market conditions. I can also help you with finding mortgage options, financing renovations, purchasing investment properties, or financing a debt consolidation in the future.